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媒體聲譽對企業社會責任得獎企業其股市表現與財務績效之影響
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We argue that whilst the awards do not directly promote financial performance, firms
can elevate their visibility through the media and establish a good reputation through
optimistic news content, thereby providing stakeholders and shareholders with a positive
image. Our empirical results provide support for the findings of both Eberl and Schwaiger
(2005) and Lai et al. (2010) that CSR performance and media reputation can effectively
enhance the reputation of a firm and lead to further improvements in its financial
performance, thereby providing support for our Hypothesis 5.
Similar results are provided in Table 11, although the effect of media reputation is
rather less obvious. The effect of the media reputation of CSR winners prior to the CSR
announcement date is clearly better than the media reputation released after the CSR
award announcement date, thereby indicating that media reputation has a somewhat
belated effect on financial performance.